US stocks plunge after weak June jobs report - My9 New Jersey

US stocks plunge after weak June jobs report

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PALLAVI GOGOI,AP Business Writer

NEW YORK (AP) — Stocks are closing sharply lower on Wall Street after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.

The Dow Jones industrial average fell 124 points to 12,772 Friday. The loss wiped out the Dow's gain for the week.

The unwillingness of U.S. employers to add jobs quickly shows that the economy is still struggling three years after the recession officially ended.

The Standard & Poor's 500 slid 13 points to 1,355 and the Nasdaq composite fell 39 points to 2,937.

Falling stocks outpaced rising ones by over two to one on the New York Stock Exchange. Volume was very thin at 2.6 billion shares.

 

Copyright 2012 The Associated Press.

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